Amid crypto crash, Meta says it will shut down its Novi digital wallet in September

Meta’s money transfer service that uses the company’s proprietary cryptocurrency digital wallet “Novi pilot” will be shut down on September 1. Well, now it certainly looks like one of the biggest tech companies in the world is apparently feeling the effects of the crypto crash too!

Meta launched Novi in ​​2021. Users have been given until September 1 to remove their information and their remaining crypto balance from the site. According to The Verge, users will lose access to their accounts in September and will no longer be able to add funds to Novi from July 21. If someone forgets to withdraw their remaining balance, Meta says it will “try to transfer their money” to the bank account or debit card added to the service.

The company took to their website to announce that both the Novi app and Novi on WhatsApp will no longer be available.

Novi had to be a secure way for people to send and receive crypto, and at some point it had to work with Diem. However, the collaboration could not continue because Diem collapsed in February of this year.

According to The Verge, last month Meta CEO Mark Zuckerberg also hinted at creating a digital wallet that could help you manage and store “digital clothing, art, videos, music, experiences, virtual events and more”. The wallet would be interoperable between different experiences that support the goals of the Standards Forum that Meta and a group of other companies helped form, which calls for industry-wide standards for virtual reality and augmented reality experiences.

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was automatically generated from a syndicated feed.)

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